Trading plan for EURUSD for November 15, 2021

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Technical outlook:

EUR/USD dropped through fresh swing lows around the 1.1430 mark on Friday before finding some support. The EUR/USD pair has broken through the intraday high of 1.1464 in the past hour. If it approaches a low around 1.1430, bulls may remain in control and push higher toward 1.1700 in the near term.

The boundary which could be worked upon is between 1.2266 and 1.1430. A Fibonacci 0.618 retracement of the above would push the price through the 1.1950-80 zone in the next several weeks. EUR/USD may drop below 1.1430. Immediate price support is at 1.1430, while resistance is seen around 1.1600 respectively.

On the flip side, a continued push below 1.1430 would nullify the above bullish structure and open the door toward 1.1300 level. At the moment, price action suggest bullish potential until EURO stays above 1.1430 mark. Bullish divergence on daily RSI is also strong, indicating a potential rally toward 1.1690-1.1700 zone intraday.

Trading plan:

Potential for a rally through 1.1950 against 1.1400

Good luck!

The material has been provided by InstaForex Company - www.instaforex.com

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